Mistakes when trade coin

[Tigerw]

Agreed with most of the things stated in the OP but IMO, being too hasty and lacking knowledge is mainly the trader's fault and could not consider a mistake in terms of trading and this actually pertain to new investors.

Even if people in the forum can read these tips, they will still do it eventually, one way or the other until they experienced it first hand and learn it the hard way. There may be some that will take a point of this and will apply to their trading decisions tho.

and how do you think can affect a large number of open exchanges on the pricing of coins themselves crypto currency? To date, there is a lot of project, but the market is still down there.

[1715421647]

1715421647

[1715421647]

1715421647

[1715421647]

1715421647

[bizarro]

The good things to loose money in also a leck of patience and teory, when you start to trade before any researches on the trading topic

[neonshium]

You listed many of the mistakes that I did and if i wouldnt have made those simple mistakes i would be so much wealthier right now.  if i didnt get too greedy, and just cashed out, after Ethereum experienced its huge spike I wouldve been able to buy 30+ ether at current prices.  But what my greedy self ended up doing was putting all my profits into litecoin thinking it was going to boom next.

But it is not possible to move forward without stumbling and falling down. You should be happy that you have learnt something out of those mistakes. Don’t get disappointed in Litecoin. It is a wonderful coin. But you should have picked bitcoin for trading and stayed with it.

This is the best coin for trading as it is the most fluctuating one. You still have a long way to go and you can become wealthier, have more confidence.

[eaglewhite80]

The mistake is that we are too hasty to sell them, not patiently holding them for long periods of time. In the Crypto market, if you are patient, you will probably be more successful. Do not worry too much about the current price they will not be good for you.

Begining everybody will make mistakes in trading it is common, but in trading, every mistake will teach you a new lesson but don't you repeat it again and again. major mistake what people will do means they will not control their emotions and take panic decisions.

Agree. It is common in nature that being a new in investment it could take more times to be successful and learned about every mistakes undergone. Most important thing that we should know is the market behavior that make advantages for us when decided to trade our coins. Great patient and great knowledge combined will take less mistakes of trading process.

Knowledge I believe in every profession should always come first and with that, you can at least start doing your thing and you can start learning gradually the more and getting more confident with experience until you are able to get a full hold of the market.

However, this is one part a lot of new traders always like skipping and thinking the knowledge will just drop from the sky as they keep trading until they lose everything. We all wish it was that easy, but nothing good comes easy.

[Angelina Jolie]

The main mistake of most newcomers is selling on the drawdown of bitcoin. The main thing is to wait for the right moment, the market is cyclical.

[ThanhTuanBKC123]

Everybody did the same mistakes before, and we all know that we can not buy in the middle of the hype

[speem28]

I only trust on the greedy factor. Lest forget about the stop-loss because that is just the technique with which we can make the trades happen. In that also people can greedy and sett higher profits and very higher losses to give it more window to trade. However, the greedy is the only factor that can make this trade go upside down all the time. When they become the greedy one they are actually putting their trades in red zone, in such instances neither stop-loss can save them nor the heavy knowledge of trades and rest of the things! It doesn't matter how much more you have got, you will lose everything in front of the greed. The reason behind this much stress on the word is simple, I have experienced it too and I h ave lost a lot more money in such way. Im just trying to add up that so that people can know how it can destroy us.

Even the whales are greedy and everyone is greedy but the thing with the market is never to be stupid even with the greed. I have made some greedy decisions before as a trader, but as an experienced one, I have always known how to play safe in such situations. The most things in any market is never to trade without some very good level of knowledge. It will never pay and I have never seen anyone who got to know how to trade by just hitting the exchange and learning from experience.

Till making ourselves with that level of knowledge, we must try only paper trading kind of demo practice trading only. Some people do suggest to go for low volume with small capital. But I never liked that. Money is money whether you are losing big or small. You must always need to look to avoid lose occurring situations.

How can you not be stupid if greeds get the better of you? Usually, if greed takes control, we can't make rational decisions regarding our cryptocurrencies. You will only realize your greedy mistake once you made it and it is when you will reflect on your decisions. Anyhow, we all need to accpet these kinds of mistakes for us to learn more.

[lienfaye]

You listed many of the mistakes that I did and if i wouldnt have made those simple mistakes i would be so much wealthier right now.  if i didnt get too greedy, and just cashed out, after Ethereum experienced its huge spike I wouldve been able to buy 30+ ether at current prices.  But what my greedy self ended up doing was putting all my profits into litecoin thinking it was going to boom next.

But it is not possible to move forward without stumbling and falling down. You should be happy that you have learnt something out of those mistakes. Don’t get disappointed in Litecoin. It is a wonderful coin. But you should have picked bitcoin for trading and stayed with it.

This is the best coin for trading as it is the most fluctuating one. You still have a long way to go and you can become wealthier, have more confidence.

Yeah we learned something from that mistakes and its also a good experience to be aware what to avoid next time. I have ltc as well and its not bad as others think just give it a time to bloom and definitely you will see the result when the market back on track again.

Greed, lack of knowledge and not controlling emotions are one of the few reasons why sometimes some of us experienced losses or failure in our trading career and managing them is a must if you want to succeed here.

[naidray]

The worst mistake that a bitcoin trader is the lack of knowledge and out of greedy for unjust gain they are loosing their investment just before they got some more profits. To avoid such mistake it is advised that one should gain knowledge before going into trading.

In fact, such mistakes are very common in trading strategies in the crypto market. In fact, we do not control the process and the difficulty to know the proper time to sell. The psychology of business people is the problem of profit.

One thing with most people in trading is mainly because they never learned to even know the right time to buy, let alone when to even sell and they end up getting to emotionally greedy either waiting for the best moment, either lower to buy more or higher to sell and all they do is gamble their position in the market. The first state is never to get greedy.

It is always better to make those few profits than to be waiting for a big one and then end up losing everything and entering loss at the end of the day. As long as you get the signals to sell, or there is an overbought market to the extreme, just sell.

[BlockEye]

Everybody did the same mistakes before, and we all know that we can not buy in the middle of the hype

Traders should know if that coin pump is the only result of hype , we must study why it suddenly hype and what is their next move so if ever we plan to buy at least we know that we have something to wait for, there must be a concrete plan whether to sell it or buy it, being updated on the coin progress can help us to trade efficiently.

[BobBct]

All of what you said seems right and trading a coin is not easy especially like bitcoin because of it's more volatility but of course we can still read the market a quite well.

[H0USE]

These types of mistakes are common among traders and most of us are aware about it but i appreciate the way you have posted this in a detailed way.But most of the time people invest in the hype period and when prices goes down as correction they start selling out of fear and suffer loss and then spread negativity about these coins.They trade without knowledge and signals thinking themselves as professionals and start greeding which is another factor which turn them down.They all need to aquire some knowledge first of all about this volatile market.

[drlederman]

Trading’s Deadliest Sins

The following advice will be sneered at by more seasoned traders, but hand on heart, who can say they have never committed any of the following? The mark of a great trader lies in their ability to learn from their rookie mistakes. To become great, first you must become humble, and there’s nothing more humbling than buying a pumped cryptocurrency at the top, bragging about the sick gains you’re about to make and then getting rekt.

Chasing P&Ds

Watching a vertical green candle shoot skyward is one of the most pleasurable sights a trader can see – provided you bought at the bottom. If you don’t have a horse in the race, however, the envy can be overwhelming. It’s all too easy to FOMO hard and pile in with everything you’ve got. Occasionally it’ll pay off; more often than not it’ll leave you in a fetal position on the floor.

A cryptocurrency suddenly rocketing in price isn’t always a sign of a pump and dump scheme in place; positive news or promotion by a major influencer can also cause it to soar. It’s important to understand why a coin is rapidly rising though before you buy in. Otherwise you risk getting rekt. Many novice cryptocurrency traders experiment with pump and dump groups that promise instant profits with zero effort. After getting burnt once or twice, most are shrewd enough to learn their lesson and pursue smarter trading strategies.

Buying Into Illiquid Markets

For your coin to go up in price, it needs to have someone else willing to buy it. The trouble with many emerging altcoins and many small exchanges is that they have extremely small order books. You may be convinced that Sprouts (SPRTS) is the future of cryptocurrency, but unless enough other traders share that sentiment, you risk being lumped with a coin that no one is willing to buy, or at least not at the price you’re seeking.

There’s nothing wrong with buying a coin whose fundamentals you admire as a long-term hodl. In the short-term, however, these ‘undiscovered gems’ are susceptible to a lack of liquidity. Impatient traders, bored of waiting for the coin to rise, may be forced to sell for substantially less than they had hoped.

Setting the Wrong Price

Hands up if you’ve ever misread a zero when setting up a trade, set your sell order 10x too low and had your coins gleefully snapped up? When you’re dealing with altcoins that are priced in fractions of a bitcoin, it’s an easy mistake to make: you think you’re setting a sell order for 0.0000457 BTC only to discover that you actually placed it at 0.00000457. Most exchanges will fill your order for the highest bid on the orderbook at the time, sparing your blushes. Some sites, however, such as Etherdelta, aren’t so accommodating. Always double-check the buy or sell price you’re setting before you hit the execute button.

Sending the Wrong Coin to an Exchange Wallet

If you’ve mistakenly sent bitcoin cash to a bitcoin wallet, don’t bank on your exchange bailing you out. Some will, but the larger exchanges are unlikely to ride to the rescue. It’s your responsibility to check before sending funds to an exchange wallet, as mistakes are almost impossible to rectify. Other rookie mistakes include sending ethereum tokens to an ethereum exchange wallet, or requesting mining pool rewards be paid straight to an exchange. Don’t do that.

Revenge Trading

You’re pissed because you backed out of buying a coin at the last moment and it then mooned. Or you bought a dead cert – an absolute banker – and it flopped. Angry, you pile everything you’ve got into the next coin in the green and try to ride that train to Profitville. In doing so, you’re overexposing yourself and entering a market that you have failed to research.

What are your entry and exit positions? Why is the coin rising in value? You have no idea, because you’re acting on raw emotions. Revenge trading is the equivalent to catching your partner in the arms of another and then blindly throwing yourself at the first thing you can find to ‘even the score’. 9 times out of 10 it’ll all end in tears. The more you can disassociate your emotions from your trading, the better you’ll become.

Overtrading

Just as too many cooks spoil the broth, too many trades spoil your gains. It’s an easy trap to fall into, and one that every novice trader makes. You buy a coin and wake up the next day to find it’s risen by 20%. Better sell, right, and cash in your profit? Not necessarily. As the mantra goes “Cut your losses and let your winners run”.

Selling an asset simply because it is in profit is a simplistic trading strategy that’s liable to rob you of some of your greatest gains. There’s nothing more frustrating than selling a coin at a modest profit only to watch it appreciate 10x. Overtrading to collect minuscule gains will also see an increasing amount of your assets eaten up by exchange fees.

Overconfidence

On a hunch, you buy a coin and watch it double in price over the course of the next week. You repeat the process with another coin and the same thing happens. You are the bomb. You’re the man. Everything you touch turns to gold. On a roll, you pile into your next pick, which you can just sense is ready to moon. And then…and then it dumps. What happened? You got cocky, that’s what.

A little self-belief is healthy; it’s what empowers traders to go against the flow and make their own decisions. Overconfidence, on the other hand, is a surefire recipe for disaster. That’s when you disregard the warning signs, buoyed by a sense of invincibility.

Eliminating these seven deadly mistakes doesn’t mean you qualify as a professional cryptocurrency trader; that’s still years away, characterized by late nights and early mornings spent staring at screens and mastering charts. Cut out the rookie errors though and you might just survive long enough to become a pro.

[Ewox]

You have some great points there and I did made those mistakes before, and for me one of my biggest mistake in trading is I go with everyone's hype. Telling people this certain coin will increase in a certain month with a certain amount and I'm always stupid enough to believe that it is true because I feel like I trusted my instincts and ended up buying the coin when it was at its peak.

[tumis]

I think the biggest mistake is the very fact that people approach it. In most cases they think that they already have some patent or secret knowledge that will make me win.

But the truth is that probably the most winners are people with strong nerves and a lot of experience. Information and knowledge are also important. However, you need to trust your intuition more than you think. And best of all, you play hobbies without unnecessary stress and have already lost a little in your life. (yes, if you've already lost a little - no matter how you win, winning does not teach!)

[bitcoinmasterlord]

You have some great points there and I did made those mistakes before, and for me one of my biggest mistake in trading is I go with everyone's hype. Telling people this certain coin will increase in a certain month with a certain amount and I'm always stupid enough to believe that it is true because I feel like I trusted my instincts and ended up buying the coin when it was at its peak.

That's why we should not follow other predictions blindly, we have to collect information from others but we must do our own research then only we will not do such kind of mistakes. But sometimes the market also makes us to believe such news that time we can't do anything we just accept our mistakes.

[carlisle1]

The mistake is that we are too hasty to sell them, not patiently holding them for long periods of time. In the Crypto market, if you are patient, you will probably be more successful. Do not worry too much about the current price they will not be good for you.

Theres sometimes that we need no patience instead sometimes being panicked can help if we sell the coins instantly and suddenly drops awhile.this may result to profit because in an instance that the fall continues to happen,its our mistakes not selling ahead our coins when we can buy again when the price totally drops

[Dart18]

Number 2. The most error of most but it remains as the most used. 

Greed will always be there. Who doesn't want a larger profit? You are a hypocrite if you say yes.
The very least could happen is save yourself if suddenly a bear market comes. They want to give their all and there is nothing wrong with that. Somehow they will learn how to deal with it thru experience.

[supercanada1]

I love the number two,when most of the users first thing in mind everytime they risk capital investing here ..more of them looking for x1-5 and sometimes even x10 is what they have expected..this is the reason why we should stop being greedy and be contented enough for even a percentage of gaining,then do it again ang again for many percentage and soon it would be bigger.

maybe ture, the greedy nature sometimes that makes us a loss while trading.
lust is difficult to control when the market price continues to rise, and we buy it at a high price instead we and up stuck at that price, because the market price goes down that gap

At time when you go for trading, you need to be very much careful and that you need to take every single step of yours very much wisely and after giving enough thoughts to it as one wrong decision can result in loss of a huge amount of money. In trading, there is a lot of risk involved and that if you will not make the right decision at the right time, then you will not be able to make the right profit.

[Cryptodetails]

The most important mistakes most of the people do is they buy the coin at the very high price when its on the peak following the hype and when the coins go down for its correction people get panic and sell the coins at bottom this is the most basic mistake people do in this crypto world and I have done the same many time but I have learned from my mistakes.

1. Putting money into the trade that you can not afford to lose
2. Beginning of trading with large amounts
3. Purchase of weakly capitalized, unstable Crypto-currency for most of the deposit
4. Fixation of loss
5. Adherence to excitement, emotions and unconfirmed information in decision-making
6. Using trading bots
7. Lack of habit to follow the news and lack of attention to other important reasons for the change in the rates of Crypto-currency
8. Purchase of the Crypto-currency at the "peak"
9. Premature surrender before difficulties
10. Neglect of security issues